Land Bank chief seeks controlling stake in bond exchange

Liza Reyes, ABS-CBN News

MANILA - (UPDATE) The president of state-run Land Bank of the Philippines said Friday he sought board approval to acquire a majority stake in the country's bond exchange.

Land Bank wants to own at least 66.67 percent of the Philippine Dealing System Holdings Corp. It currently holds 1.56 percent thought the Banker's Association of the Philippines, according bank president Alex Bueventura's letter to the board.

Bunaventura confirmed the letter to ABS-CBN News, adding, "The objectives are to increase Land Bank profits and to accelerate development of capital markets in the country."

The Land Bank's move came as the PDS and the Philippine Stock Exchange addressed hurdles to their planned merger.